401(k) Employee Elective Deferral Contributions. Associates who are enrolled under this Associate Agreement in the Retirement Trust and Individual Account Trust may elect 401(k) elective deferrals (“Elective Contributions”) to the Individual Account Trust by filing the appropriate written election form with the Trust Office. Notwithstanding the foregoing, in the case of an Associate employed by a Signatory Employer, Elective Contributions are only permitted if the Signatory Employer has signed a Collective Bargaining Agreement that allows for Elective Contributions for its bargaining unit employees. Associates may elect Elective Contributions in increments of $1.00 per hour for each hour the Associate is paid or entitled to payment, up to the maximum allowed by the Individual Account Trust. If an Employer has received an effective election made by the Associate, Elective Contributions must be made by the Employer by regular payroll deductions. Elective Contributions that are withheld by an Employer must be paid to the Individual Account Trust as soon as the contribution can be reasonably segregated from the Employer’s assets but not later than fifteen (15) business days after the end of the calendar month in which the Contributions are withheld. Elective Contributions must be made pursuant to the terms of the Individual Account Plan, including but not limited to the Plan provisions governing the election period and the nondiscrimination testing requirements.
